以太坊（ETH）是否将“完全死亡”作为投资？ Lekker Capital Cio Quinn Thompson宣布加密货币为“死亡”

Lekker Capital的首席投资官Quinn Thompson在上周末在X上的一篇文章中宣布，以太坊（ETH）被“完全死亡”为投资。

Quinn Thompson, Chief Investment Officer (CIO) at Lekker Capital, sparked a heated debate on X this past weekend after declaring that Ethereum (ETH) has “completely died” as an investment.

Lekker Capital首席投资官（CIO）Quinn Thompson在宣布以太坊（ETH）“完全死亡”作为投资后，在上周末引发了激烈的辩论。

The CIO, who oversees investments at the investment firm, set off the discussion with a post noting that the world’s second-largest cryptocurrency is now a $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues.

负责在投资公司监督投资的CIO发表了讨论，并指出，世界第二大加密货币现在是一个2250亿美元的市值网络，看到交易活动，用户增长和收入/收入的下降。

“There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not,” Thompson said.

汤普森说：“这里没有投资案件。作为一个有公用事业的网络？是的。作为一项投资？绝对不是。”

He also shared a set of metrics to highlight the recent stagnation in Ethereum’s activity, including data on active addresses, transaction counts and new address creation.

他还分享了一组指标，以突出以太坊活动中最近停滞的时间，包括有关活动地址，交易计数和新地址创建的数据。

Is Ethereum ‘Dead’ As An Investment?

以太坊是“死”作为投资？

The statement immediately drew responses from prominent figures in the crypto industry, including Nic Carter of Castle Island Ventures, Columbia Business School professor Omid Malekan, and VB Capital’s Scott Johnsson.

该声明立即引起了加密货币行业中著名人物的回应，包括Castle Island Ventures的Nic Carter，哥伦比亚商学院教授Omid Malekan和VB Capital的Scott Johnsson。

Among the topics that arose in the discussion were the economic and investment thesis of the world’s second-largest cryptocurrency, and specifically, the implication of Layer 2 (L2) scaling solutions for Ethereum’s native token economics.

讨论中出现的主题之一是世界第二大加密货币的经济和投资论文，特别是第2层（L2）缩放解决方案对以太坊的本地代币经济学的影响。

As several commenters noted, L2s are becoming increasingly popular as they offer a way to scale blockchain technology and reduce transaction costs. However, this has also led to some concerns about whether L2s are siphoning value from Ethereum’s L1 chain and its native token.

正如几位评论者指出的那样，L2S越来越受欢迎，因为它们提供了扩展区块链技术并降低交易成本的方法。但是，这也引起了人们对L2s是否从以太坊的L1链及其本地令牌中汲取价值的担忧。

One commenter who raised this issue was Carter, who said that greedy eth L2s are pivoting value from the L1 and that social consensus had no issues with an avalanche of tokens. According to the partner at Castle Island Ventures, eth was buried in an avalanche of its own tokens and died by its own hand.

提出这个问题的一位评论者是卡特（Carter），他说，贪婪的Eth L2是从L1中旋转的价值，而社会共识对代币的雪崩没有问题。根据Castle Island Ventures的合伙人的说法，ETH被埋葬在其自己的代币中，并由自己的手去世。

To this, Thompson replied that the social consensus among .eth’s was in favor of excess tokens because the creation of endless L2s, staking, restaking, DA, etc., enriched their pockets on the way up, but no one wants to face the music now that the market is saying it was a mistake.

为此，汤普森回答说，.Eth之间的社会共识赞成过多的代币，因为创造了无尽的L2，Stake，Stake，Restaking，Da等。在途中丰富了口袋，但是现在没有人想面对音乐，因为现在市场说这是一个错误。

However, this viewpoint was contested by Malekan, professor at Columbia Business School and specialist in cryptocurrency and blockchain technology since 2019.

但是，自2019年以来，哥伦比亚商学院教授，​​加密货币和区块链技术专家Malekan对此观点进行了竞争。

Malekan highlighted the crucial role of L2s in enabling blockchain scalability and argued that any value-extraction by these secondary layers is not inherently detrimental to Ethereum’s foundational token economics.

Malekan强调了L2在启用区块链可伸缩性中的关键作用，并认为这些二级层的任何价值算法并不固有地对以太坊的基础代币经济学有害。

According to the professor, L2s are the only viable way to scale any blockchain, adding that whether their tokens capture value or not is a separate question.

教授认为，L2S是扩展任何区块链的唯一可行方法，并补充说，它们的令牌是否捕获价值是一个单独的问题。

“But it can’t be that L2s ‘siphoned value from ETH’ yet didn’t capture value themselves. Security is not free,” said Malekan, who has authored several books on cryptocurrency and blockchain technology.

“但这不可能是，L2S从ETH中获得的s句价值'而没有捕捉到自己的价值。安全不是免费的，”马利肯说，他撰写了几本关于加密货币和区块链技术的书籍。

The professor went on to question how Ethereum could realistically become the first example in history of a widely adopted technological network whose utility failed to generate any meaningful financial return.

教授继续质疑以太坊如何现实地成为广泛采用的技术网络历史上的第一个例子，该技术网络的实用性未能产生任何有意义的财务回报。

According to Malekan, is Ethereum going to be the first network “with utility” in modern history where the network effects aren’t monetized, and could he have any other examples of this happening.

根据Malekan的说法，以太坊将成为现代历史上第一个“有实用性”网络的网络，而网络效应未能获利，并且他还可以有任何其他例子。

In response, Thompson clarified that monetization is taking place within the Ethereum ecosystem, but not sufficiently accruing to ETH itself to validate the cryptocurrency’s current market capitalization.

作为回应，汤普森（Thompson）澄清说，货币化正在以太坊生态系统内部进行，但不足以验证ETH以验证加密货币当前的市值。

He explained that there’s tons of network effects being monetized all over the place, but not enough to ETH to justify its current valuation.

他解释说，到处都是大量的网络效应，但不足以证明其当前的估值是合理的。

“Do all the network effects of the oil network and usage of oil accrue to oil?” he asked.

“石油网络的所有网络效应以及对石油的使用量是否累积？”他问。

However, the oil analogy drew skepticism from Johnsson, General Partner at VB Capital, who critiqued Thompson’s comparison due to Ethereum’s unique tokenomics, particularly its deflationary token burning mechanics influenced directly by network usage.

然而，石油类比引起了VB Capital的普通合伙人约翰逊的怀疑，他批评了汤普森的比较，这是由于以太坊的独特令牌学，尤其是其通俗易懂的令牌燃烧机制，直接受网络使用影响。

According to Johnsson, I don’t disagree with your directional call, but I think this analogy falls flat. ETH “production” is inversely correlated with usage, which is certainly not the case with oil.

根据约翰逊的说法，我不同意您的定向电话，但我认为这个类比是平坦的。 ETH的“生产”与使用成反比，这与石油肯定不是这种情况。

“So as oil price increases, there is a demand response and a supply response. With ETH, it’s limited to the demand response. If ETH consumption looks like barrel consumption, then the price of ETH is far more likely to accrue value.”

“因此，随着石油价格的上涨，需求响应和供应响应。通过ETH，它仅限于需求响应。如果ETH消费看起来像桶消耗，那么ETH的价格更有可能产生价值。”

But Thompson continued to disagree, saying that they’ve never seen a sustained period of time where “ETH production is inversely correlated with usage.” Obviously, the “production” mechanics differ from oil, but similarly high ETH price is prohibitive to demand, hence L2s and cheaper alternative L1s.

但是汤普森继续不同意，说他们从未见过持续的一段时间“与使用成反比”。显然，“生产”机制与石油有所不同，但同样高的ETH价格对需求敏感，因此L2S和更便宜的替代L1。

Acknowledging a possible misunderstanding, Johnsson clarified that he was not predicting future Ethereum usage scenarios, highlighting instead the theoretically inverse relationship between token burn and transaction volume under the current Ethereum network design.

约翰逊承认可能的误解，澄清说，他没有预测未来的以太坊用法场景，而是在当前的以太坊网络设计下强调了代币燃烧与交易量之间的理论上关系。

“I think we’re talking past each other a bit. I don’t think it’s arguable that if ETH usage increases that it

“我认为我们正在互相交谈。